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Term vs Jeevan Anand / umang

31 Mar, 2021 | by Vishal Modi

I'm 45 yrs and wanted to decide between a term insurance and a Jeevan Anand/umang endowment policy. Would you point out the benefits and issues with both please?

I have 2 kids around 13 and 17yrs.

Also, whether the above mentioned policies can be taken as tax planning for employer employee insurance?

Thanks

Term Life Insurance

Opinion

1 Answer

Post

01 Apr, 2021

Shailesh Kumar

CEO, Insurance Samadhan

Dear Mr Modi

You are making a wrong comparison , both have different objective .

Term insurance is for high risk cover on low price .

At your age , you should take a sum assured of Rs 1 crore for next 20 years by paying an annual premium of Rs 20000 . In case of your death , your family will get Rs 1 crore . You can also add accident cover and critical illness cover by adding approx Rs 6000 . Please note there is no survival benefit in Term Insurance .

Whereas jeevan Anand and jeevan umang should be taken for retirement planning .

Jeevan Anand would offer you a lum sum amount on maturity and whole life cover

Jeevan umang

Offer regular income till you live alongwith lifecover .

Term is a absolutely must and rest of the money can be used for jeevan Anand.

Best wishes

1 Comments

04 Jul, 2021

Vimal Krishnan R

Dear Sir

I am holding an LIC Jeevan Anand (Plan-149). The Commencement date of this plan was on 09/12/2011 and the premium paying term is 20 years (ending on 9/12/2031). It would be great if you could answer the following questions regarding this plan:

1)If I exit the plan this year, will I receive the Bonus, Guaranteed Addition that has been accrued? If I will not be entitled to the Bonus, will I at least receive in full, the amount that I have paid as premium?

The 'sum assured' is Rs. 5 Lakhs. Is this the only amount that my family will receive if at all I die during the premium paying term? or are there any additional amounts?
The policy term is 76 years. So if I continue to pay the premium till my premium payment end date (that is till 09/12/2031) will I get life insurance coverage after this date? The policy term is 76 years and the date of maturity is 9/12/2087. If yes, will the amount of life cover be the same 5 lakhs?

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Term vs Jeevan Anand / umang

1 Answer

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